Tax policies and workplace culture aside, online retailer Amazon (NASDAQ:AMZN) has a big fan in broker Raymond James.
The controversial e-commerce leviathan has been upgraded by the broker from 'outperform' to 'strong buy', partly due to the retailer's strong start to the third quarter and partly because this week's market shake-out has provided "an attractive entry point".
Amazon Prime Day on July 15 was reportedly a big success for the company, and the broker foresees increased take-up of the premium service.
The broker also likes the potential for overseas growth, although this week Netflix (NASDAQ:NFLX), which runs a rival video streaming service to Amazon, announced it would go head-to-head with Amazon's Prime Video service in Japan, although as yet neither company has launched a video streaming service in the Land of the Rising Sun.
Meanwhile, analysts at Evercore ISI have also upgraded the stock, moving from 'hold' to 'buy'. The price target remains unchanged at US$575.
Shares in Amazon were up 3.0% at US$515.92 in early afternoon trading.